Filing of Returns 2011-12 · 2017-10-17 · Filing of Returns 2011-12 •Introduction •Objective...

Bombay Chartered Accountants’ Society

Filing of Returns of Income

Assessment Year 2011-12

22 June 2011

IMC

22 June 2011 CA. Mukesh Trivedi 1

Peter Senge says…

• "Sharing knowledge is not about giving people something, or getting something from them. That is only valid for information sharing. Sharing knowledge occurs when people are genuinely interested in helping one another develop new capacities for action; it is about creating learning processes.“

22 June 2011 CA. Mukesh Trivedi 2

Filing of Returns 2011-12

• Introduction

• Objective

• Scope

• Act & Rules & Types of Forms

• Conclusion

• Questions

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Filing of Returns 2011-12

• Preparation before filing return

• Assessee ?

• Who should file the returns of Income & Wealth ?

• When?

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Filing of Returns 2011-12

• Person ?

• Residential status ?

• Types of Income

• Income Tax Act & Rules

• Wealth Tax Act & Rules

• CBDT Circulars, notifications

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ITR 1 Sahaj

Person Income DateMode

Individual Salaries 31st July

Or one House Property E Filing

HUF Deductions, or

Exemptions Paper

Circular on Sahaj.

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ITR 2

Person Types of Income DateMode

Individual Salaries

HUF House Properties 31st July

Capital Gain E filing or

Other Sources Paper

Deductions,Exempt

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ITR 3

Person Income Date/Mode

Individual Salaries

& HUF House Property 31st July

Remuneration, Interest (Firm)

Or

Capital Gain 30th sept

Other Sources E Filing or

Deductions,exempt Paper

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ITR 4

Person Types of Income Date/Mode

Individual &HUF

Salaries

House Property 31st July

Interest & Remuneration from Partnership Firm

Or 30th Sept

Business & Profession E filing or

Capital Gain Paper

Other Sources Digital Signature

Deductions, Exempt

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ITR 4S SUGAM

Section Business DateMode

44AD Any eligible assessee and eligible business

31st July

44AE Plying, Hiring, leasing goods carriage

Paper orE Filing

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ITR 5

Person Income Date/Mode

Firm Any 31st July

AOP Or

BOI 30th Sept

Co Operative Society

Paper orE File

LLP Digital Signature

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ITR 6

Person Income Date/Mode

Company Any 30th September

Private or Publicnot the one for CharitablePurpose.

E Filing with digital Signature

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ITR 7

Person Sections DateMode

Trust S.139(4A) 139(4A) 30th SeptOnly Paper

Political Parties 139(4B)

Research Institution 139(4C)

University, college 139(4D)

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Important Information

• Select Correct Form

• Assessee – Name & Status

• Address including PIN & Email ID, PAN

• Date of Birth/Formation/Incorporation

• Male/Female ( In case of Individuals)

• Residential Status

• Nature of Business, Profession, sources of Income

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Important Information contd..

• Return filed under which Section

• A.O Code

• Income on Presumptive Basis

• Bank including MICR

• Tax Audit & Auditor

• Method of Accounting

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Income from Salaries

• Details of Employer Address

• Salaries

• Perquisites

• Allowances

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House Property

• Details of Property

• Self occupied v/s Let out

• Annual letable value v/s Rent

• Municipal Taxes

• Details of Tenant

• Interest on Loan

• Other Deductions

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Business & Profession

• Books of Accounts Maintained ?

• Profit & Loss / Income & Expenditure

• Balance Sheet

• Grouping of figures

• Gross Receipts, Turnover, G.P., N.P

• Fixed assets and depreciation u/s.32

• Tax Audit Information

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Business & Profession contd..

• Details of Firm

• Remuneration, Interest, % share of profit

• Correct Computation of income

• Items of Allowances Dis allowances

• Tax audit & its effect on Computation

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Business & Profession contd..

• Profit/ Loss from Normal Business

Speculation Business

• Revenue Vs Capital expenditure

• Expenditure with weighted deductions

• MAT

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Capital Gain

• Types of Capital Assets

• House property Vs. Other Assets

• Shares, Securities :Date, Rate, quantity,

value, STT, paid or not on Sale/Purchase

• Gain: Short Term V/s Long Term

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Capital Gain contd…

• Exemptions U/s. 54(1), 54F, 54 EC

• Deemed capital Gain U/s. 50 & 50C

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Other Sources

• Taxable Dividend

• Interest

• Rent from Assets

• Winnings from lotteries

• Owning & Maintaining Race Horses

• Gifts

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Losses, set off, carry forward

• Date of Filing return of Income

• Heads of Income

• Business loss v/s Depreciation

• Set off during the year

• Carry forward from earlier year

• Losses carried forward

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Incomes Exempt

• Interest on PPF

• Share of Profit from the firm

• LTCG on shares

• Dividend

• Interest on Bonds

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Incomes Exempt

• Other Items (Section 10 )

• Section 10A

• Section 10AA

• Institutions where entire income is

exempt

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Deductions

Income Payments

80 IA 80C

80 IB 80CCC

80IC 80CCD

80ID 80D

80IE 80DD

80G/ 80 GG

80U

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Incomes chargeable Special Rates

• Capital Gains

• Lotteries , Anonymous Donations

• Royalties & Fees for Technical Services

• Profits & Gains of Life Insurance

• Non Resident Sports Men

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Tax Credit

• TDS :Matching with Form 26AS

• Tax: Advance

• Self Assessment

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Technical Points

• Websitewww.incometaxindiaefiling.gov.in

• Registration, Log in & Pass word

• XML file and its validation

• Upload

• Digital Signature & Verification

• Acknowledgement ITR V to Bengaluru

• Time Limit, and mode of sending22 June 2011 CA. Mukesh Trivedi 30

Common Mistakes

• Inaccuracies

• PAN

• TAN

• Computation: P & L, Information

• XML Files

• Log in ID and pass word

• Update Master Records

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Things to Do

• Provisions, Rules, Instructions

• Appropriate Selection of Forms

• Interface of Law, Rules, Procedures, Protocols, Technology

• Strong preparation

• Check

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Conclusion

• Begin with end in Mind

• Accuracy, integrity and completeness

• Quality Productivity, Efficiency

• Opportunity

• "Today knowledge has power. It controls access to opportunity and advancement."

Peter Drucker

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Thank youmgtrivedi@gmail.com

mgt@camukeshtrivedi.net

9/65, Utkarsh,7th Road, TPS III, Santacruz East, Mumbai:400055. Phone:66935432,26129477

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